Telegram Open Network (TON)’s $1.7 Billion Blockchain Cryptocurrency Project is 70% Finished

Telegram has been working on a mega crypto project called the Telegram Open Network. According to an announcement by the social media giant, the project is 70 percent done. One of the most interesting details that had not previously been known to the public is that the virtual machine needed to execute smart contracts is almost done. The smart contracts for Telegram will run on the TON network. The virtual machine works in much the same way as the Ethereum Virtual Machine.

Private ICO

Telegram is a Russian messaging service praised for being secure. It has a global user base that includes those in the crypto world. The company raised about $1.7 billion in a private ICO a while ago. The Telegram Open Network will be designed to compete with the Ethereum network upon launch.

It will be able to execute smart contract and DApps. Thus, it will host many other tokens and the value of the token might change due to future ICOs on the platform. The CEO of BitMEX recently talked about the Telegram ICO tokens. He said the tokens were still not listed on any crypto exchange. He believes there will be a reckoning of ICO tokens in 2019.

Details Of The Report

The report states that most aspects of the project including the TMT tokens are complete. For instance, the Overlay Networks are already completed. In September, the parts that had less than 50 percent of work done were the validation software stack and the block manipulation library.

Developer resources and smart contracts have also had little work done. The report failed to mention when the TON test version will go live. However, if extrapolated from the last six months at 70 percent completion, it is safe to assume it will take just a few months.

Fraud Efforts

The TON ICO had some drama when a company called the Telegram Open Network was registered in the UK. This company was formed for the sole purpose of stealing from those who wished to invest in the Telegram ICO.

The report, which appeared on CCN, said that this company had been created to divert money from the real ICO and it would have been a success were it not for hawkeyed observers. Since the company was legally registered, it would have made it seem legitimate for investors. However, Telegram realized it and officially distanced itself from the con. This most likely saved many people a lot of money.

About Telegram

Telegram is an instant messaging and VOIP app that is cloud-based. Telegram Messenger LLP developed it. The company is registered in London, UK. It was created by Pavel Durov, a Russian businessman. The app is offered on Windows, Phone, NT, Linux, macOS, and iOS. Users send messages, videos, stickers, and files of all types. The client-side code is open source for this app. However, the source code for the most recent version is not usually released immediately. The server-side code is closed and proprietary.

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